Where's my contract?

[sreed]

Thanks all. I eventually got this from the Umbrella and it was a AMS/PSR assignment schedule document signed between AMS and the Umbrella. That was all the lender needed.

[andymalory]

PSR will provide (either directly or indirectly, and very often both) an assignment schedule which will have the rates on it. The employment contract from the umbrella should reference the assignment schedule in some way, thereby providing all the lender would need.

[Bluenose]

Is it the Umbrella or the Agency that can provide me the contract showing the day rate and start/end dates?

It has been answered above but I will summarise my experience. You should be able to download two PDF files from the umbrella's web portal.

PDF File 1 : Most Umbrellas I have used have a web portal, on the Umbrella web portal you should be able to download the umbrella contract agreement as a PDF. Inside that agreement you should see start date and end date but it won't always be at the top or, end of the contract, both dates will be inside the body text and you will need to search for them.

This PDF File 1 is not the same as......

PDF File 2: On the same web-portal you might have an 'Assignment' button, this is a download to give you the contract PDF between you and your Agency, not the Umbrella.

If you don't have either of these files or, the basic details are missing (start-date, end-date, rate, notice terms, addresses etc.) you probably need new contracts issuing.

[sreed]

who said you should commit fraud?

Are you an employee? Yes.
Can you prove it with 3 months of payslips? Yes.

Due diligence on a basic mortgage check? Have you gone mad? They do ability to pay checks (because they have to by law), which are more about your debts, income and outgoings than your employment status.

As I said, lenders do not consider a day-rate contractor employed through an Umbrella company the same as a perm PAYE employee. They are treated very differently.

No I've not gone mad. Any regulated lender in the UK will indeed do due-diligence on a mortgage applicant's income (and by extension the type of income) before lending them any new money. Perhaps they didn't prior to the GFC, but they certainly do now. At least, that's been my experience.

[fulcon]

The umbrella, rather than the agency, should be able to provide this information to you. Both of the umbrella companies I've used call the information 'Assignment Details' and it was provided to me without asking for it. My current brolly sends an updated copy automatically at renewal.

[Lance]

As per my mortgage broker, with reference to mortgage lending, day-rate contractors operating through an Umbrella company are treated very differently to PAYE salarymen. I wouldn't ever try to commit application fraud (intentionally misleading a lender on an application for credit) and in any case, any mortgage broker or underwriter worth their salt would pick up that I was a contractor when they saw that my "employer" is a large Umbrella or did any sort of due diligence on the applicant.

who said you should commit fraud?

Are you an employee? Yes.
Can you prove it with 3 months of payslips? Yes.

Due diligence on a basic mortgage check? Have you gone mad? They do ability to pay checks (because they have to by law), which are more about your debts, income and outgoings than your employment status.

[sreed]

perhaps you should not have told them you're a "contractor".
For their purposes you aren't. You're an "employee" and have payslips to prove it.

As per my mortgage broker, with reference to mortgage lending, day-rate contractors operating through an Umbrella company are treated very differently to PAYE salarymen. I wouldn't ever try to commit application fraud (intentionally misleading a lender on an application for credit) and in any case, any mortgage broker or underwriter worth their salt would pick up that I was a contractor when they saw that my "employer" is a large Umbrella or did any sort of due diligence on the applicant.

[Lance]

Much as I'd like to do that, unfortunately it's not my decision to make as to what documentation the bank will accept. They need some documentation (they're terming it a 'contract') that has my name, shows the day-rate and the start/end dates for the current contract.

perhaps you should not have told them you're a "contractor".
For their purposes you aren't. You're an "employee" and have payslips to prove it.

[sreed]

why not provide your employment contract, payslips and accompanying timesheets?

The actual contract between agency and umbrella may not be forthcoming as it's none of your business.

Much as I'd like to do that, unfortunately it's not my decision to make as to what documentation the bank will accept. They need some documentation (they're terming it a 'contract') that has my name, shows the day-rate and the start/end dates for the current contract.

[Lance]

why not provide your employment contract, payslips and accompanying timesheets?

The actual contract between agency and umbrella may not be forthcoming as it's none of your business.